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5.2-4 PURCHASE OF EQUIPMENT-LIKE ITEMS

General Purpose

To provide a uniform definition of "equipment-like" purchases and an appropriate mechanism for their recording in the financial records of the institution.

Definition

An equipment-like item is an item with a per unit purchase price of less than $5,000 which meets all other criteria for equipment classification. The item may be tagged with a property control identification number at the discretion of Central Stores inventory personnel.

Procedures

Equipment-like acquisitions should be submitted for approval through the standard purchase requisitions process.

Signature authority for equipment-like acquisitions between $500 and $4,999 is obtained from the appropriate President's Staff member based on the accounts under his or her control.

The following object codes have been established for computer and other equipment-like purchases meeting the criteria stated in Operations Manual Policy 5.2.3.

5489 Equipment Like – Computer Related (under $500)

5490 Equipment Like

5701 Equipment (between $500-$4,999)

5711 Equipment – Computer (between $500-$4,999)

Equipment-like purchases are charged against the account manager/supervisor's 54XX expenditure block. If an account manager/supervisor wants to make an equipment-like purchase from an equipment fund budget, he or she would contact the appropriate President's Staff member.